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Old June 16th, 2013, 11:58 AM
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Join Date: Dec 2011
Default Re: Civil Relief Act SCRA

The President of the United States signed into law H.R. 100, the Servicemembers Civil Relief Act On December 19, 2003. Here is its details:

“The law unambiguously states that no interest above 6 percent can accrue for credit obligations while on active duty (for debts incurred before going onto active duty), nor can that excess interest become due once the servicemember leaves active duty (that was a "trick" some creditors tried under the old law) – instead that portion above 6 percent is permanently forgiven. Furthermore, the monthly payment must be reduced by the amount of interest saved during the covered period.

Court Proceedings. If a servicemember is a defendant in a civil court proceeding, the court may (note the word "may"), on it's own motion, grant a 90-day stay (delay) in the proceedings. If the servicemember asks for a stay, the court must grant a minimum 90 day stay, if:
The servicemember submits a letter or other communication setting forth facts stating the manner in which current military duty requirements materially affect the servicemember's ability to appear and stating a date when the servicemember will be available to appear; and”

Rest of detail is given in attached word file. Feel free to download it:
Attached Files Available for Download
File Type: doc Service Members Civil Relief Act SCRA.doc (25.0 KB, 38 views)
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